There are some bond programs both county and state level that you can get the downpayment and some closing costs paid or go new construction and do the same via the builder.

So how much did this cost me to get involved besides an awful lot of time?

It depends on how much the NY house will sell for vs how much the TN house will cost.

This is because keeping a property nice has associated costs.  

I am looking for an investor to partially fund some of the soft costs for a large townhouse project I'm working on. 

A DSCR is a debt service coverage ratio loan (against the new property) and effectively uses a proportion of the current or proposed rental income to qualify.

In this same deal, the investor would need to come with 15% plus closing costs and let's call it 17k. 

We have learned a ton and I want thousands of units one day but for now just trying what to do next with this one. ok so the issue is that home was built in 1932 and the heating is an issue in the winter and the heating costs are really high for the tenants.

My partner will be general contracting at no cost, although he will be paying a few key 1099’s and contractors .

If you’re not going to make the smart move of selling tax free, and make the questionable move of being a landlord in Ca just because you already own the home…A) No LLC, it won’t help with taxes, liability, or anonymity but it will increase the cost of insurance, taxes, and any financing  (and maybe the bank calls the current mortgage  due.)B) Get an umbrella policy if you are worth more than $1M, maybe $500k  C) Don’t even THiNK about doing this yourself.